July 06, 2020

The Manager – Listing BSE Limited (BSE: 507685) The Manager – Listing National Stock Exchange of India Limited (NSE: WIPRO) Dear Sir/Madam,

Sub: Newspaper Advertisement- Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing the copy of the newspaper advertisement published in The Economic Times and Kannada Prabha. The same has been made available on the Company’s website www.wipro.com.

Thanking You,

For Wipro Limited

G Kothandaraman General Manager - Finance

king the investment through overse-as arm Bharti Global, didn’t announ-ce how much stake they would ownuntil press time on Friday. People inthe know said each would get a 45%stake, with existing investors retai-ning the remaining 10%.

“Bharti will be leading the effort todeliver the promise of universal bro-adband connectivity through One-Web, with active support and partici-pation of the British government,”Bharti Enterprises chairman Sunil

Mittal said in a separate statement. Sunil Mittal’s son Shravin, as a di-

rector of Bharti Global, led the bidfor the Bharti Enterprises armwhich has numerous investmentsacross telecoms, technology, hospita-lity, transportation and energy seg-ments.

Bharti Enterprises, the holdingcompany of Bharti Airtel, India’s se-cond largest telco, was one of the fo-unding members of OneWeb andhad a strategic stake in the company

prior to the latest developments. OneWeb was founded in 2014 by ent-

repreneur Greg Wyler. It had raisedabout $3.3 billion in debt and equityfrom a clutch of investors such asSoftBank, Airbus, Qualcomm, CocaCola, Intelsat and Grupo Salinas. Itcollapsed into bankruptcy in Marchafter its biggest investor, SoftBank,pulled back its funding. An auctionwas held on Thursday. The new pro-posed investment, which is expectedto help the company complete const-ruction of the constellation, is sub-ject to a clearance from a US courtand other regulatory approvals, andis expected to close before the end ofthe year, the UK government said inits statement. Mittal said this busi-ness had “substantial commercialuse cases” across the telecoms, enter-prise, aviation and maritime sectors,and with strong operational execu-tion, Bharti would be able to generatean attractive return for investors,while also ensuring Britain plays aleading role in space and next-gene-ration communications.

UK govt to provide $500 m and take a significant share in co; Bharti arm to invest rest

Our Bureau

Kolkata: A consortium of India’sBharti Enterprises and the UK go-vernment has won a bid to take overOneWeb, offering to invest $1 billion(`̀7,465 crore) in the British firm thatwent bankrupt while trying to build aconstellation of satellites to deliverwireless broadband globally.

The two partners will invest $500million each in OneWeb, which aimsto provide high-speed, low-latencybroadband services, especially in ru-ral areas, and take on the likes ofElon Musk’s SpaceX Starlink andJeff Bezos’s Amazon-linked ProjectKuiper.

The British government will take asignificant equity share in OneWeb,UK business secretary Alok Sharmasaid in a statement. Bharti, he said,would provide commercial and ope-rational leadership, and bring One-Web a revenue base to contribute to-wards its future success.

The UK and Bharti, which is ma-

Bharti & UK Govt Team BagsSatellite Firm OneWeb for $1b

Joining ForcesOneWeb makes low-earth orbit satellites to deliver fast broadband to remote, rural areas

Bharti Enterprises arm, UK govt to own 45% each in OneWeb: report

Bharti is a foundingmember of OneWeb; it tooka minority stake in 2015

Bharti to provide operational, commercial leadership to OneWeb

In March 2020, OneWeb fi led for bankruptcy protection under Chapter 11

5Companies: Pursuit of ProfitThe Economic Times, Bengaluru, Saturday, 4 July 2020

job posting) system, where everynew opening/vacancy is firstthrown open to a group employee,”the company said in a statement.

Reliance Brands sells products ofbrands such as Jimmy Choo, Tiffany& Co., Canali, Brooks Brothers, KateSpade, Diesel, Coach, Giorgio Arma-ni, Muji, Hamleys and Mothercare.

“The focus is on ecommerce. Theywant to push individual brand salesonline as they feel during Covid-19crisis, ecommerce will give morerevenue,” said one person.

Reliance Brands said during thelockdown ecommerce was the onlyfunctional channel.

“Notwithstanding the hugegrowth in ecommerce, RelianceBrands group continues to operatemore than 570 brick and mortarstores and 200-plus shop in shopswith plans of further growing thisnetwork within this financial year,”it added.

“Revenues were down by over70%,” said a senior executive onconditions of anonymity.

The company is said to have about

Rel Brands to Step Up Online Focus, Rightsize ManpowerAnumeha.Chaturvedi

@timesgroup.com

New Delhi: Reliance Brands, asubsidiary of Reliance Industriesthat sells a raft of luxury and premi-um labels in India, is in a consolida-tion mode, people close to the situa-tion said. It is transferring retailstaffers to group company JioMart,increasing focus on online salesand rightsizing its manpowerneeds, they added.

The main job realignments are inthe corporate division, the peoplesaid.

In a response to ET’s queries,Reliance Brands denied that arestructuring exercise was beingcarried out and said employeechurn was an integral part of itswork life.

“Transfer or movement of emplo-yees within the Reliance BrandsGroup and the overall RelianceRetail Group, are again a regularand ongoing phenomenon. In fact,we have a very strong IJP (internal

IN CONSOLIDATION MODE

4,000 employees in the country, ofwhich about 1,000 are in the corpo-rate division. Corporate division’sfunctions include customer rela-tionship management, visualmerchandising, human resources,retail planning and buying, marke-ting, IT and training.

“Over the last month and a half,there have been internal discus-sions on how to consolidate opera-tions. Luxury business has been hithard as people have been post-poning luxury purchases given the

economic certainty. So for us thechallenge is how to repurpose theworkforce since stores were shutacross the country during thelockdown and there isn’t muchwork. So we are trying to adjustpeople in other divisions,” said thesenior executive quoted earlier.

An employee at one of the luxurystores who was asked to move toJioMart said he was given theoption at the end of May.

He decided to leave because thechange doesn’t fit his core work

experience.Employees working across brands

such as Mothercare, Jimmy Choo,Tiffany & Co., Canali, Hunkemollerand Brooks Brothers have beenimpacted.

“There was no written communi-cation. I was told in a MicrosoftTeams meeting that I will have toresign since business is down, arestructuring is underway andsome roles will become redundant,”said an employee in the corporatedivision.

“I have checked with multipledepartments across brands in thecorporate division and every de-partment is saying a few professio-nals have been told they will berepurposed. The position is not ayardstick,” another employee said.

Employees who were asked to lookfor options said they would be giventhree months’ basic salary andcorporate insurance. “The frontend staff of brands is not thatimpacted and is being moved toJioMart and other Reliance compa-nies,” said another employee.

Seller of luxury brands said to have transferred retail staffers to group firm JioMart; co says internal job postings a regular phenomenon

Company believed to have4,000 employees in the country

Reliance Brands said during lockdown ecommerce was the only func-tional channel

Rejig Mode 1,000are in corporatedivision

Jimmy Choo Tiffany & Co. Canali Brooks Brothers Kate Spade

Diesel Coach Giorgio Armani Muji Hamleys Mothercare

Co said to be keen on pushing individual brand sales online

RELIANCE BRANDS SELLSPRODUCTS OF BRANDS...

Govt Eyes 5 Lakh Home FibreConnections by September

Surabhi.Agarwal@timesgroup.com

New Delhi: The governmentaims to provide nearly 500,000fibre-to-home (broadband) con-nections by September, a top ex-ecutive told ET.

The Ministry of Electronicsand IT’s rural network of 400,000Common Service Centres hasrolled out the facility after theDepartment of Telecommunica-tions entrusted it to take the am-bitious BharatNet fibre opticnetwork to every last mile in thecountry.

The venture has already pro-vided 50,000 fibre connections inthe last one month.

The telecom department as-signed CSCs the task of operat-ing and maintaining the Bharat-Net fibre optic backbone in July2019. Most of the connections arein three states — Uttar Pradesh,Maharashtra and Madhya Pra-desh, with UP constituting near-ly 50% of the total connectionsso far, said Dinesh Tyagi CEO ofCSC eGovernance Services.

“Lots of students and youngpeople are getting to experiencethe internet for the first timethrough this, which is a greatfeeling. Looking at the response,we are aiming to provide 5 lakhconnections by September-end,” Tyagi added.

Out of the 50,000 connectionsso far, 86% are to government in-stitutions while the rest havebeen provided to individual cus-tomers.

Close to 50,000 rural public Wi-Fi hotspots using the opticalfibre have also been set-up.

BharatNet is an ambitious gov-ernment initiative to connectthe entire country with fibre op-tic cable at the panchayat level.Now, CSCs are taking it furtherfrom 100,000 panchayats to insti-tutions in surrounding villages,such as government schools, po-lice stations, anganwadi cen-tres, panchayat bhawans, CSCoffices and post offices, alongwith providing connections toindividual customers on de-mand.

ET reported earlier this weekthat E-Grameen Store, a rural

ecommerce app with around100,000 online shop fronts sincelaunch in April, was exploringpartnerships with companiessuch as homegrown FMCG firmPatanjali and global beveragesgiant Coca-Cola to sell directly torural areas through the e-stores.

The hyperlocal ecommerceplatform, which could givetough competition to Flipkart,Amazon and BigBasket, amongothers, is now targeting to reachevery panchayat in the country.

E-Grameen Store is a brain-child of the CSCs which collabo-rated with nearby ration depots,local farmers and fishermen etcto provide essentials at people’sdoorsteps during the first fewphases of the lockdown. TillJune 26, these e-Grameen Storeshad made close to 300,000 deliver-ies worth ̀̀ 14 crore.

manufacturing.“Foxconn has followed all proce-

dures related to customs clearancein India, in accordance with the lo-cal laws and regulations, and we canconfirm that all shipments to Indiahave been processed,” the compa-ny’s Taiwanese parent, Hon HaiPrecision Industry, said in a filingwith the Taipei Stock Exchange on

Friday.Foxconn makes

smartphones in In-dia for Apple, Chi-na’s Xiaomi and

HMD, the Finnish company thatowns the Nokia brand. “The go-vernment, this week, has given theapproval (for customs clearance)and the backlog is being clearedfor all companies,” India Cellularand Electronics Association cha-irman Pankaj Mohindroo said.The association representssmartphone manufacturers suchas Apple, Foxconn, Xiaomi, Oppoand Vivo.

Foxconn Clears GoodsStuck with Customs

Himanshi.Lohchab@timesgroup.com

New Delhi: Foxconn, the world’slargest contract manufacturer, sa-id India has cleared all its consign-ments that had been stuck at the co-untry’s seaports and airports.

Imports of Chinese smartphonebrands including Xiaomi, Oppo, Vi-vo and Realme too are being cleared,having received approvals for auto-matic clearance of the consign-ments, the industry association re-presenting these companies said.

Amid escalating tensions betwe-en India and China, the countryaround 10 days back had begun100% manual checks of consign-ments, mainly those from China,delaying clearances and piling upof consignments at ports. It hasnow eased the requirement, afterindustry raised concerns over theimpact on component supply,especially for local electronics

� Tata Steel, DutchUnions Resolve Issues

KOLKATA Tata Steelannounced on Friday ithad reached an agreementwith its Dutch unions to

resolve differences that led to thestrike action in its steel plant atIJmuiden in the Netherlands, RakhiMazumdar reports. “As part of theagreement, the employment pact foremployees in the Netherlands will beextended by five years and there willbe no compulsory redundancies fromthe company’s transformation pro-gramme,” an official statement said.These are the key aspects of theagreement following negotiationsbetween the company and unionswhich finished late last night, thestatement added. Tata Steel’s Dutchmanagement team, meanwhile, willdiscuss the transformation pro-gramme, and the resulting job losseswith the local works council followinga consultation process.

� NCLAT Closed till July10 After Staff Tests +veNEW DELHI The National CompanyLaw Appellate Tribunal has suspendedwork till July 10 due to sealing of itspremises after finding one of its staffCovid positive. The tribunal in a noticedated July 2 said all court works,including the virtual hearing of casesand filing, would remain suspended assome members of the staff have comein direct contact with the affectedperson. “A staff member was reportedto have tested positive for Covid-19 onJune 26, 2020, which mandatedfurther sanitisation and sealing of thepremises of this Appellate Tribunal andsuspension of work till July 3, 2020,”the notice by the registrar said.

� Scheduled Intl flightsSuspended till July 31

NEW DELHI The aviationregulator DGCA said onFriday it was extendingthe suspension of schedu-

led international passenger flights inthe country till July 31but added thatsome international scheduled servi-ces on selected routes may be permit-ted on a case to case basis. Scheduledinternational passenger flights weresuspended in India on March 23 dueto the coronavirus pandemic.

SHORT TAKES

said that the recent ban is posingsome communication challengesin connecting with their Chinesesuppliers.

Huawei, for instance, is using itsenterprise smart office product,IdeaHub, purely for video-confe-rencing remotely with internal te-ams in China, although it has the

option to use the pro-prietary product toconnect with externalbusiness partners,suppliers and custo-mers, if needed.

Its India employees also use in-ho-use apps such as E-Space and We-Link for unlimited calling, file sha-ring and instant messaging, purelyfor internal communication withcolleagues based in China.

ZTE India, it is learnt, has alsodeployed in-house proprietary di-gital communication tools to talkshop and conduct business revi-ews remotely with teams and bu-siness partners in China.

Huawei, ZTE InternalApps Escape Govt Ban Kalyan.Parbat@timesgroup.com

Kolkata: Among the 59 Chineseapps that the government bannedearlier this week, apps and com-munication tools such as E-Space,We-Link or IdeaHub do not figure.

That is because these are amonginternal apps and proprietary tech-nology products used by top Chine-se telecom gear suppliers, Huaweiand ZTE, to remotely connect withcompany colleagues and businesspartners in China for daily mee-tings and business reviews.

In fact, for these Chinese telecomvendors – who face an uncertainfuture in India owing to the esca-lating India-China border stand-off in Ladakh – it is business asusual, sources said, since they ha-ve not at all been impacted by therecent government action againstChinese mobile apps.

Interestingly, the claims come ata time when local companies have

DomesticAir Trafficto Fall by46% in FY21

PTI

Mumbai: The recommencement ofcommercial passenger flight servi-ces in a graded manner is unlikely tohelp the domestic aviation industryrecover in the current financial yearwith domestic air traffic expected toshrink by 41-46% and internationaltravel demand by a negative 67-72%year-on-year owing to Covid-19, a re-port said. The domestic passengerflight services restarted from May 25after a two months hiatus due to thelockdown in the wake of coronaviruspandemic. The international opera-tions, however, remained suspendedsince March 22 for similar reasons.

The government on Friday exten-ded the suspension of scheduled in-ternational flights till July 30. It, ho-wever, said that some internationalscheduled routes may be permittedon a case-to-case basis. “As per ourstudy, though restricted recommen-cement of domestic air traffic has be-gun, this will in no case help the in-dustry to recover the lost ground inFY2021. However, H2 FY2021will wit-ness some recovery, with Q4 FY2021witnessing a degrowth of just 3-14%y-o-y in domestic with improved pas-senger load factors (PLFs),” Icra saidin the report.

1,582 companies worldwide, and692 portfolio companies havegone public or participated in amerger.

“Jio Platforms’ focus on apply-ing its impressive engineeringcapabilities to bring the power oflow-cost digital services to Indiaaligns with Intel’s purpose of de-livering breakthrough technolo-gy that enriches lives,” said Wen-dell Brooks, president, Intel Capi-tal. “…Through this investment,we are excited to help fuel digitaltransformation in India, whereIntel maintains an importantpresence.”

Intel’s investments come at atime when RIL is pivoting itselfas a consumer technology compa-ny, away from being just an ener-gy conglomerate.

In fact, RIL has stressed that Re-liance Jio is more of a technologycompany than just a telecomfirm, underlined by the fact thatthe 11 investors who have pickedup stake mainly focus on the glob-al technology space.

“Bringing in Intel Capital,which is focused on both 5G andtech, further improves the over-all quality of the battery of globalstrategic investors in Jio Plat-forms,” said Rajiv Sharma, re-search head at SBICaps Securi-ties.

Jio Platforms Gets.̀ 1,895 crore fromIntel Capital now

Our Bureau

Mumbai: Intel Capital, the in-vestment arm of the world’slargest chip maker Intel Corpora-tion, will invest 1,894.50 crore inJio Platforms for a 0.39% stake,the companies said in a jointstatement on Friday.

This is the 11th investor to pickup stake in Reliance IndustriesLtd’s (RIL) telecom and digitalbusiness in less than two months.Intel’s stake buy will take the to-tal investments in Jio Platformsto .̀ 117,588.45 crore for a combined25.09% holding.

The investment, subject to regu-latory and other approvals, pegsJio Platforms’ equity value at.̀ 4.91 lakh crore and enterprisevalue at .̀ 5.16 lakh crore, Reliancesaid in the joint statement.

Jio Platforms houses RIL’s tele-com business under Reliance JioInfocomm, besides other digitalproperties and investments.

Shares of RIL closed at .̀ 1,787.50,up 1.5%, on the BSE Friday.

“Intel Capital has an outstand-ing record of being a valuablepartner for leading technologycompanies globally. We are there-fore excited to work together withIntel to advance India’s capabili-ties in cutting-edge technologiesthat will empower all sectors ofour economy and improve thequality of life of 1.3 billion Indi-ans,” Mukesh Ambani, chairmanof Reliance Industries said in thestatement.

Intel Capital invests in innova-tive companies across the worldwith a focus on disruptive tech-nology areas like cloud comput-ing, artificial intelligence and 5G— opportunities where Jio is alsoinnovating and investing forgrowth.

Since 1991, Intel Capital has in-vested $12.9 billion in more than

FUNDINGS COME AMID RIL FOCUS ON CONSUMER TECH

Eleven investors put ina total ̀̀ 1.17 lakh crorefor 25.09% holding inRIL’s digital venture

the companies that Covid realitieswould be taken into considerationwhile deciding methodology andmargins,” said Kunj Vaidya, a char-tered accountant specialising intransfer pricing.

Indian entities of many multina-tionals, which receive a fixed marginor a mark-up from their parents forintra-company dealings, are now un-der pressure due to increased cost ofoperations during the Covid-19 cri-sis. Also struggling in their homemarkets, the parent companies inmany cases, want the Indian entitiesto slash the margins.

Tax experts said companies thathave already signed the APAs alsoface the same problems.

At a time when margins across in-dustries are under pressure, main-taining the pre-decided marginsunder APA and paying tax on it co-uld pose a challenge in the current

environment.Tax experts said the government

could also renegotiate or allow so-me leeway on a case-to-case basisfor already signed APAs.

“While there have been no discus-sions on APAs that are already sig-ned, that too could see renegotia-tions as the critical assumptionshave changed due to Covid pande-mic, to which the APA team has ex-pressed openness,” said Vaidya.

Tax experts point out that manycaptive units of multinationals thathave signed the APAs claim that theassumptions on which they had ag-reed to sign the APAs have changeddue to the pandemic.

As a transfer pricing mechanism,APA has had a great run in the lastseven years and about 300 of thosewere signed by the Central Board ofDirect Taxes with leading globalcompanies.

Fresh APAs Would Reflect CovidReality, I-T Dept Assures MNCs

Sachin.Dave@timesgroup.com

Mumbai: The tax department hasreached out to multinationals loo-king to sign advance pricing agree-ments (APA) and assured them thatthe new terms will take into conside-ration the impact of the viral pande-mic on business operations, peopleaware of the development said.

APA is a transfer pricing tool thatdictates pricing mechanisms ormargins to be maintained while de-aling with an overseas parent oranother group entity. APAs have be-en one of the most successful toolsin reducing litigation in transferpricing disputes. People in theknow said several multinationalsbased out of India were worried abo-ut signing new APAs and were see-king clarity and certainty on theirtaxation demands.

There are hundreds of pendingAPAs, they said, as most of the com-panies had put these on the backburner due to the Covid -19 pande-mic that has impacted margins.

“The tax department has startedproactively reaching out to multi-nationals that were looking to signAPAs and they have even assured

Move comes after cossought clarity on theirtaxation demands

On A RollJIO PLATFORMS

INTEL CAPITALInvestment armof Intel Corporation

Invests in innovative cos worldwide with a focus on disruptive tech areas like cloud computing, AI and 5G

Since 1991, co has poured $12.9b into more than 1,582 cos

Other InvestorsFacebook, Vista, Silver Lake, ADIA, General Atlantic, TPG, L Catterton, KKR, Mubadala & PIFMarket expects Jio Platforms IPO in 2 years

CCI NG 3.7 Product: ETBangaloreBS PubDate: 04-07-2020 Zone: Bangalore Edition: 1 Page: ETBGECO2 User: salmanul.farisy Time: 07-03-2020 23:35 Color: CMYK